The chemicals company on Wednesday (1 July) said it has completed divestment of construction chemicals business to Master Builders Solutions India with effect from 1 July 2020.
BASF India said it has received an overall consideration of Rs 595.16 crore towards the said divestment.In February 2020, the company's board had approved the divestment of construction chemicals business of the company to Master Builders Solutions India. Later, the shareholders approved the divestment proposal through postal ballot on 21 April 2020.
Shares of BASF India rose 1.58% to Rs 1,154.20 on BSE. On the technical front, the stock's RSI (relative strength index) stood at 55.252. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 1,075.35 and its 200-day moving average (DMA) placed at 1,019.11.
On a standalone basis, BASF India's net profit slumped 53.2% to Rs 40.37 crore on 40.4% jump in net sales to Rs 1,840.81 crore in Q4 March 2020 over Q4 March 2019.
BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.
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